Review of Existing Risk Management Methodologies in Construction Projects
Keywords:
Risk management, Construction projects, Methodologies, Traditional methods, Contemporary methods, Monte Carlo simulation, Fuzzy logic, Bayesian networks, Case studies, Best practices, SustainabilityAbstract
The construction industry is inherently susceptible to a myriad of risks, ranging from cost overruns and schedule delays to safety hazards and unforeseen technical challenges. Effectively managing these risks is paramount to the successful execution of construction projects. This research article provides a comprehensive review of existing risk management methodologies in construction projects, with a focus on both traditional and contemporary approaches. Drawing upon a wealth of literature, this study critically evaluates the strengths and weaknesses of each methodology, identifies best practices, and discusses their practical applications through illustrative case studies. The review highlights the evolving landscape of risk management in construction, including the integration of emerging technologies, sustainability considerations, and the growing importance of resilience. Furthermore, the article offers recommendations for practitioners and researchers and outlines the theoretical and practical contributions of the study. By synthesizing and analyzing the diverse array of risk management methodologies, this research aims to provide construction professionals with valuable insights to make informed decisions and enhance project outcomes in an increasingly complex and dynamic industry.
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